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What Do We Know About the Mutual Fund Industry?

In: Global Asset Management

Author

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  • Massimo Massa

    (INSEAD)

Abstract

The Holy Grail in mutual funds literature has always been the analysis of performance. The literature has searched for answers to whether funds generate performance, whether they persist in doing so and whether it is enough to compensate for the fees that are charged. The answers have been mostly negative. Thus, a new question arises: if performance is not sizable and not persistent, what helps to justify the existence of the industry? The answer we will give in the following analysis is ‘marketing’. We will see how marketing strategies help to disguise poor performance and attract clients by focusing on non-performance-related features.

Suggested Citation

  • Massimo Massa, 2013. "What Do We Know About the Mutual Fund Industry?," Palgrave Macmillan Books, in: Michael Pinedo & Ingo Walter (ed.), Global Asset Management, chapter 2, pages 36-55, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32887-8_2
    DOI: 10.1057/9781137328878_2
    as

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